Oxbow Advisors LLC Cuts Holdings in Barrick Gold Corp (NYSE:GOLD)

Oxbow Advisors LLC trimmed its holdings in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 15.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 55,132 shares of the gold and copper producer’s stock after selling 9,715 shares during the period. Oxbow Advisors LLC’s holdings in Barrick Gold were worth $855,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. VisionPoint Advisory Group LLC boosted its stake in shares of Barrick Gold by 6.7% in the 4th quarter. VisionPoint Advisory Group LLC now owns 14,051 shares of the gold and copper producer’s stock worth $224,000 after buying an additional 880 shares during the last quarter. New York State Common Retirement Fund purchased a new position in shares of Barrick Gold in the 4th quarter worth $2,614,000. Atria Wealth Solutions Inc. boosted its stake in shares of Barrick Gold by 48.1% in the 4th quarter. Atria Wealth Solutions Inc. now owns 33,366 shares of the gold and copper producer’s stock worth $517,000 after buying an additional 10,840 shares during the last quarter. D.A. Davidson & CO. boosted its stake in shares of Barrick Gold by 32.2% in the 4th quarter. D.A. Davidson & CO. now owns 99,048 shares of the gold and copper producer’s stock worth $1,535,000 after buying an additional 24,145 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Barrick Gold by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 535,461 shares of the gold and copper producer’s stock worth $8,299,000 after buying an additional 51,848 shares during the last quarter. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

Barrick Gold Price Performance

NYSE:GOLD opened at $18.31 on Friday. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14. The business’s 50-day simple moving average is $16.35 and its two-hundred day simple moving average is $18.18. The stock has a market cap of $31.61 billion, a PE ratio of 14.88, a P/E/G ratio of 0.44 and a beta of 0.55. Barrick Gold Corp has a 52 week low of $14.27 and a 52 week high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. As a group, analysts forecast that Barrick Gold Corp will post 1.47 EPS for the current fiscal year.

Barrick Gold announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 12th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the gold and copper producer to repurchase up to 3.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.40 dividend on an annualized basis and a yield of 2.19%. Barrick Gold’s dividend payout ratio is presently 32.52%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Berenberg Bank raised their price target on Barrick Gold from $37.00 to $38.00 in a research note on Tuesday, November 26th. Citigroup lowered their target price on Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, December 20th. Scotiabank lifted their target price on Barrick Gold from $19.00 to $20.00 and gave the company a “sector perform” rating in a research report on Tuesday. TD Securities lowered their target price on Barrick Gold from $24.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Finally, Bank of America downgraded Barrick Gold from a “buy” rating to a “neutral” rating and lowered their target price for the company from $21.00 to $18.00 in a research report on Monday, January 27th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Barrick Gold presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.75.

Barrick Gold Company Profile

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.